Australia on Wednesday blocked a bid of more than US$9 billion from Hong Kong giant CK Group for the country’s biggest gas pipeline company, saying it would be against its “national interest”.

The preliminary decision by Treasurer Josh Frydenberg is the latest in a series of rejections by Canberra over foreign purchases of Australian infrastructure and land as leaders grow increasingly concerned about Beijing’s influence.

Cheung Kong Centre, Hong Kong. Photo: Sbmeaper1, via Flickr.

It comes at a sensitive time, with Foreign Minister Marise Payne currently in China for meetings with her counterpart Wang Yi — the first visit of its kind in almost three years.

The visit has been billed as a sign that both governments are keen to ease recent political tensions.

Relations have been strained over allegations that Beijing was interfering in Australian domestic politics and using donations to gain access.

Frydenberg said the proposed Aus$13 billion (US$9.4 billion) purchase of APA “would be contrary to the national interest”.

“I have formed this view on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business,” he said in a statement.

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